Caleres announced the company has acquired a controlling interest in Blowfish Malibu, a footwear brand that embraces the California lifestyle.

“The decision to partner with Blowfish Malibu was an easy one, as it allows for continued expansion of our overall business and gives us additional exposure to the growing sneaker and casual lifestyle segment of the market,” said Diane Sullivan, CEO, president and chairman of Caleres. “Since they were formed in 2005, Blowfish Malibu has focused on interpreting current global trends to create the newest and hottest original styles in women’s footwear with a great value proposition, and we can’t wait to welcome the team to Caleres.”

“The opportunity to partner with Caleres, and to grow our brand even further, has inspired the entire team at Blowfish Malibu,” said Don Weiss, co-founder and president of Blowfish Malibu. “The support of a strong partner–in terms of sourcing and back-office–is something we’ve been searching for, and we’re glad we found it with Caleres.”

“We’re looking forward to working with the entire Caleres team,” said Stephen Hoyt, co-founder and lead designer of Blowfish Malibu. “This partnership with an industry leader in leveraging sourcing infrastructure will open up even more potential for our brand as we continue to make footwear that is comfortable on your feet and good for your soul.”

The majority stake in Blowfish Malibu is being funded using the company’s existing cash flow, and the acquisition is expected to be accretive within one year.

Caleres owns Famous Footwear and The company’s Contemporary Fashion brands include Sam Edelman, Allen Edmonds, Franco Sarto, Vince, Via Spiga, George Brown Bilt, Diane von Furstenberg, Fergie Footwear and Carlos Santana. Naturalizer, Dr. Scholl’s Shoes, LifeStride, Bzees and Ryka represent its Healthy Living brands.